FY2 means the next forecast year after this one.

If we are in March, it would usually be the year ended the December after next December.

It does, however, depend when the company's year-end is, i.e. they do not always end in December (this is not the case with a rolling ratio which is normalised for different year-ends).

Research has shown that analysts forecasts have a tendency to trend.

Analysts often get 'anchored' to their previous forecasts and only ratchet forecasts up or down cautiously in reaction to new events.